The original article can be found here.
Article highlights:
- PEP and Ackermans-owner Pepkor reported a double-digit fall in earnings as cash-strapped South Africans focused on buying essentials and held back on more discretionary items such as clothing.
- Performance in Ackermans was negatively impacted by the suboptimal merchandise mix in its summer 2022 range. Corrective action was implemented within the confines of product lead times, and improved performance should be visible towards the end of winter and in summer 2023.
- Pepkor CEO Pieter Erasmus said high levels of unemployment, rising inflation and disruptions in social grant payments are hitting consumer spending.
